Alaska’s revenue forecast, foundation of the state budget, is billions higher as oil prices rise.
Alaska Gov. Mike Dunleavy talks about the state's spring revenue forecast on Tuesday, March 15, 2022 at the Alaska State Capitol in Juneau.
State legislators, who rely on the annual spring forecast to write Alaska’s budget for the coming year, were enthusiastic but cautious. Global oil prices have been running above the state’s prior predictions, then surged after the Russia invasion of Ukraine. That surge has ebbed, but prices remain high.
In Fiscal Year 2023, which starts July 1, the new forecast is for $8.33 billion, up $2.4 billion from a forecast in December. In the current fiscal year, which ends June 30, state revenue is expected to be $6.95 billion, an increase of $1.2 billion from the state’s prior estimate.
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